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Since the beginning of broad ranging economic reform in 1978 Chinas economy has been growing at a pace that commands the worlds admiration Entering the 1990s however the high-speed growth of the virtual economy has produced a large number of bubbles Arguably the major factor contributing to the dramatic growth of our countrys economy in the past twenty years has been rapid investment However the quality of economic growth produced by this investment investment and more investment model has been relatively mediocre In recent years the bubbles accumulated through sustained ineffective supply have become a cause for concern that further development might be accompanied by potential risks Before the breakout of the Asian financial crisis Western scholars La Roche and EIR issued an alert La Roches analysis is based on a material economy He notes that there are two aspects of an economic process 1 operation of financial currency and 2 production distribution and consumption of material products He thinks that todays world economic system and vast wealth assume the form of an upside-down pyramid at the bottom of which are material products Above these products are services as well as commerce and trade further above are bonds stocks currencies commodity futures etc Sitting atop the pyramid are derivatives and other forms of virtual capital La Roche argues that in any economic system if the balance between physical assets and financial assets is tipped an economic crisis will occur It seems that among the variety of methods employed in analyzing the Asian financial crisis the one used by La Roche and EIR has been relatively effective Therefore in this article the author will borrow their method to analyze the physical and financial dimensions of Chinas economy so as to reveal its real conditions 1 Potential Risks associated with a Latent Economic Crisis 1Ms HE Qinglian is a visiting scholar at the University of Chicago She left China unannounced in June 2001 in the face of
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